Funding Your Education Wisely...Beware of Scams Don’t pay for searches Be careful providing...
Transcript of Funding Your Education Wisely...Beware of Scams Don’t pay for searches Be careful providing...
Funding Your Education WiselyPlanningAheadMaySaveYouTime&Money
PoorChoicesCostYouTime&Money
We’llHelpYouUnderstand…➤ Value&CostofPostsecondaryEducation➤ ChoosingtheRightCareer&MajorforYou➤ TypesofFinancialAid➤ TheFAFSA➤ UnderstandingCollegeCosts➤ ImpactofSocialMedia➤ We’llHelp
Value and Cost of Postsecondary Education
The Value of Higher Education
Whatdoyouthinktheunemploymentrateisfor25‐to‐34year‐oldswhograduatedfromafour
yearcollege?
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Hint:ForthosewithONLYahighschooldiploma
7.4%
http://www.nytimes.com/interactive/2016/06/03/upshot/up-college-unemployment-quiz.html
The Value of Higher Education
TheOneQuestionMostAmerican’sGetWrongAboutCollegeGraduates
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http://www.nytimes.com/interactive/2016/06/03/upshot/up-college-unemployment-quiz.html
The Value of Higher Education
Source: Current Population Survey, U.S. Department of Labor, U.S. Bureau of Labor Statistics
LessthenHighSchool
HighSchool
SomeCollege
Associates
Bachelors
Masters
Professional
Doctoral $1,743
$1,836
$1,401
$1,173
$836
$774
$712
$520
MedianWeeklyEarnings$
1.5%
1.5%
2.2%
2.5%
3.4%
4.0%
4.6%
6.5%
UnemploymentRate(%)
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Higher Education Debt
➤ 70%ofcollegegraduateshavecollege‐relateddebt
➤ Averages:✦ Studentloandebt$37,000
✦ Monthlypayment$350
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➤ 50%aresurprisedathowmuchtheyowe
➤ Studentloandebtishigherthancreditcarddebt
Choosing the Right Career & College for You
MyNextMove.Org
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MyNextMove.Org
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Explore Career Paths
GainExperienceBy:
➤ Jobshadowing
➤ Volunteering
➤ Internships
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Get started with great resources at:
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Choosing Your School
CollegeNavigator
➤ Varietyofsearchcriteria
➤ Wealthofinformation
➤ Findoptionstofityou
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The Right Choice
ThekeyisfindingaschoolthatofferstherightmajorANDisagoodfit!
➤ Academically
➤ Socially
➤ Financially
Changingmajorsorschoolsmayadd
➤ Extratimetocompletedegree
➤ Increasedcost&studentdebt
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Staying on Track
Taking15credithours(5classes)eachsemesterhelpsyou
➤ MaximizeIndianagrants
➤ Minimizestudentdebt
➤ Graduateontime
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30 credits
2 years
4 years
60 credits
120 credits
Typical Graduation Requirements
Types of Financial Aid
Types of Financial Aid
GiftAid
➤ Scholarships
➤ Grants
Self‐HelpAid
➤ StudentEmployment
➤ Savings
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Scholarships
Colleges&Universities➤ Needbasedvs.Meritbased
Local&Community➤ SchoolCounselor➤ CommunityFoundation➤ PrivateBusinesses➤ CivicOrganizations➤ ChurchGroups➤ PlaceofEmployment
FREENationalSearchSitesINvestEdIndiana.org 18
GetOrganized➤ Scholarshipfolder
➤ Create“Brag”sheet
➤ Sampleessays
➤ Identifydeadlines
➤ Balancetime
BewareofScams➤ Don’tpayforsearches
➤ Becarefulprovidingpersonalfinancialinfo.
➤ Avoid“You’vealreadyWon!”traps.
Scholarship Tips
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Spend time each week searching for scholarships
Scholarships – Get Creative!
There’ssomethingforeveryone
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Five$1,000scholarshipswillbegiven➤ Mustbe16oroldertoenter
Grants
Federal➤ PellGrant(Max:$6,095)➤ SupplementalEducationalOpportunityGrant(SEOG)($100to$4,000)
➤ TEACHGrant($4,000)
State➤ 21st CenturyScholars➤ FrankO’BannonGrant
CollegeorUniversity
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Student Employment
Benefits➤ Earnmoneytopayforcollege&minimizestudentloans
➤ Job&interviewexperience➤ Buildtimemanagementskills
Options➤ Workingpart‐time➤ Federalworkstudy➤ Internships
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College Savings
Savingoncostofcollege➤ AdvancePlacement(AP)orDualCredit
➤ Commutingvs.LivingonCampus
➤ Onlinevs.Classroom
529DirectSavingsPlan➤ 20%taxcreditupto$1,000
➤ Lowfeesandcontributionrequirements
➤ Accountownercanchangebeneficiary
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Education Loans
FederalDirectLoan(5.05%Rate&1.066Fee)
➤ Student’sloan➤ SubsidizedorUnsubsidized➤ Annuallimits
FederalDirectPLUSLoan(7.6%Rate&4.264Fee)
➤ Parent’sloan➤ Eligibilityimpactedbyadversecredit
PrivateLoan(Ratesvary&Typicallynofee)➤ Studentandcosigner’sloan➤ Eligibilitybasedoncreditscore&income
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Remember: All Loans MUST Be Repaid!(Interest Rate for loans disbursed on or after 7/1/18, Loan Fees for loans disbursed between 10/1/17 – 9/30/18)
FAFSA
Importance of the FAFSA
FreeApplicationforFederalStudentAid➤ Annualapplicationformostformsoffinancialaid
➤ Basisfordeterminingeligibilityfor✦ FederalFunds
❖ Grants❖ Work Study❖ Loans
✦ StateofIndianaGrants✦ PotentiallyInstitutionalFunds
➤ DeterminesEFC
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What is EFC?
EFC=ExpectedFamilyContribution
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OR
Parent(s) Income & Assets
Student Income & Assets
Amount family can reasonably be expected to
contribute
$0$5K
$378
$7.5K$10K
$816
$85K
FAFSA.govAvailablestartingOctober1st
Usecompletedtaxdata
Knowdeadlines➤ StateofIndiana– April15th
➤ Colleges– Askthem
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HS Graduation
Year
FAFSAYear
Academic Year (Attending College Between:)
FAFSAOpen Date
Tax Year Data
2018 2018-2019 July 1, 2018 - June 30, 2019 October 1, 2017 2016
2019 2019-2020 July 1, 2019 - June 30, 2020 October 1, 2018 2017
2020 2020-2021 July 1, 2020 - June 30, 2021 October 1, 2019 2018
Comparing College Costs
Net Price Calculators
Estimateyourfinancialaidandcostsatacollege
Foralinktoanycollege’snetpricecalculatororINvestEd’sComparisonWorksheetvisit:
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Cost of Attendance- Gift Aid
= Net Price *
✽ What you have to pay through:
Outside Scholarships Student Employment Savings Loans
Indiana Public Institution Example
Studentdemographics
➤ Middle/lowincome
➤ AboveaverageGPA&testscores
Results:➤ Cost=$24,778
➤ NetPrice=$14,123
➤ RemainingCost=$5,623
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Impact of Social Media
Professional Online Presence
Appropriateemailaddress
Reviewsocialmediaaccountsremoving
➤ Inappropriatematerial
➤ Anythingthatmaybemisinterpreted
Beengaging&personal
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Professional Online Presence
DosocialMediadecisionsmakeadifference?
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Evaluation of Applicants
Scholarshipprovidersindicatedthefollowingaboutreviewinganapplicant’sonlinepresence
➤ Todeterminewhethertheapplicantdemonstratesgoodjudgment(58%)
➤ Togettoknowtheapplicantbetter(42%)
Scholarshipprovidersreviewofonlinecontent
➤ 25%ofscholarshipprovidersselectedanapplicant
➤ 33%deniedanapplicantascholarshipINvestEdIndiana.org 36
Twitter Examples
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We’ll Help!
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Stay Connected With Us!
@INvestEdIndiana
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